Results 11,461-11,480 of 26,037 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: When were these cases?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: When were they settled?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: How long ago did the claims happen?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: I read the conclusion of Ms Muldoon's statement. She referred to the enormous sums of money being made by the legal professions from injury awards and the vested interests. One thing comes to mind. We have deliberated on this a long time. It continues to amaze me that the insurance companies blame the legal profession and the legal profession blames the insurance companies. The only...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: What about Allianz?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: What is the figure for AXA?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: The companies are not too far off having 50% of the Irish market between them. Allianz and AXA representatives told us the companies are looking for a given margin. AXA is looking for a margin of 5% and Allianz is looking at 6% on the premiums. What does FBD look for as a margin on the premiums?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: The margin is low teens. What is the premiums figure FBD is looking at?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: Is that a margin of 10% or 11%?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: The FBD margin is slightly higher than the other two companies. What profit did FBD make in 2018?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: Was that in 2018?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: On average, what premiums did FBD charge between 2007 and 2018? Does FBD regard the premiums as coming down in all areas? Between general insurance and motor insurance, have the company's premiums fallen? Someone referred to a figure of 7% lower. Does Ms Muldoon believe, on average, the premiums the company is charging customers for motor and general insurance have fallen between 2017 and...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: Yes, and the current year as well.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: What about Allianz and AXA?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: Would it be fair to say that motor insurance premiums have come down and general insurance has more or less stayed stable? Would that be correct? At the same time the profits of the companies in 2018 were €37 million for Allianz, which was 7.4% of a margin and AXA had 11.56% or €89 million with €770 million of premiums. What premiums were written by FBD in 2018?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: FBD made a profit of €50 million. What was the margin on €50 million?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: I am more interested in the net margin on the premiums. That is how I am looking at it.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: That would be 50 divided by 372. That is a 13.4% margin. That is well above the figure sought. Allianz was looking for a margin of 6% and made 7.4%. AXA looked for a margin of 5% and got nearly double that at 11.56%. FBD was looking for a margin of 8% and had 13.4%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: I am looking at €370 million of premiums written with a net profit of €50 million. I am looking at 50 divided by 370, which is approximately 13.4%. This is the question I am posing. The company representatives say they are looking to make margins of 6% for Allianz, 5% for AXA and 8% approximately for FBD. They have made well above those margins in 2018. Why was some element...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: Yes, it is about the margins the companies say they need to be able to operate in. The actual margins are well above those figures.